Jaan Tallinn's fund invested in Iceland-based solution for the metals industry DTE

Jaan Tallinn's Estonian fund Metaplanet invested in an Iceland-based solution for the metals industry DTE. The $10M (approximately €9.15M) round was backed by a US manufacturer of aluminum products and recycler of aluminum Novelis and the EIC (European Innovation Council) Fund, along with existing investors Canadian venture capital firm Chrysalix Venture Capital and Icelandic Brunnur Ventures.

DTE was founded by Karl Agust Matthiasson in Reykjavik in 2013. DTE developed a proprietary LP-LIBS™ technology, which provides live elemental analysis direct from high-temperature liquid metals with reference-grade precision and repeatability directly from in less than 60 seconds. It complements and replaces current slow, expensive, and manual methods for process and quality control.

Composition sampling is critical for process control in metal production, processing, and casting, but until now has been manual and mostly empirical, requiring solid samples to be cast from the melt. The company also uses an artificial intelligence-based cloud platform, which provides real-time actionable intelligence to maximize benefits along the value chain by breaking silos, providing information in context, monetizing information, and delivering predictive insights for better process control and business decisions.

The company will use the investment to accelerate its technology and product development capabilities and expand its growing sales pipeline.

Metaplanet Holdings is an early-stage investment firm of Skype’s founder Jaan Tallinn. It has 163 companies in its venture investment portfolio.